In the first nine months of the 2024 financial year, Indians lost a staggering Rs 107 crore to cyber fraud involving internet, card, and digital payment scams. 

Official data reveals that a total of 13,384 fraud cases (involving Rs 1 lakh or more) were reported during this period.

By the end of the financial year 2024, the total loss due to cyber fraud had reached Rs 177 crore, with 29,082 cases recorded across the country. 

The growing adoption of online transactions has contributed to this rise in financial fraud, as stated by Minister of State for Finance, Pankaj Chaudhary, in a written response to the Lok Sabha.

The scale of such frauds has been increasing over the years. In 2022-23, authorities recorded 6,699 cases, resulting in losses of Rs 69.68 crore. The previous year saw 3,596 cases but with a higher financial loss of Rs 80.33 crore.

Rapid digitisation exposed 95 entities to cyberattacks in 2024 in India, making it the second most attacked nation, according to a recent report by CloudSEK, a provider of artificial intelligence-driven threat intelligence. United States was the most targeted country, with 140 attacks.